DAYTON REGION: LARGEST GROWTH IN JOBS SINCE ’98
Payrolls in the Dayton metro area grew 1.2 percent in August, or by 4,600 jobs.
It was the largest increase in jobs since August 1998 and was the second-largest increase since at least 1990. Usually, the metro area in a good month adds 1,000 to 1,500 jobs.
Employment also increased in September by about 600 jobs (0.2 percent increase), according to preliminary labor data.
The Dayton metro area consists of Montgomery, Greene and Miami counties.
Staub Manufacturing Solutions in Harrison Twp., for example, has increased from 23 employees to 40 in the past year and a half, said owner Steve Staub.
“It started moving up a year and a half ago, but once the tax cuts went into effect, it really gave optimism to manufacturers,” he said, adding that the tax cuts are like “jet fuel” for manufacturers.
The region’s employment has increased year-over-year in every month since the middle of 2013.
But it’s been a bumpy ride month to month. So far in 2018, employment decreased in five months and increased in four.
Ohio employment reached a record level last month, but experts warn there are factors that could slow that progress.
While unemployment remained steady at 4.6 percent in September, Ohio’s nonfarm employment increased to 5,638,900 in September, the highest number on record since Job and Family Services started tracking it in 1990.
And Ohio’s economy is growing quickly, adding jobs faster than the rest of the nation, said Bret Crow, spokesperson for Ohio Job and Family Services. Average weekly earnings are also growing faster than other states across the country.
“This milestone is a big deal for Ohio, but even further, it’s a positive indicator that Ohio’s economy is continuing its strong trajectory upward,” Crow said.
Experts say the data underline the continued recovery after the Great Recession. Even as the economy improved, consumers worried about spending their savings.
“Finally consumer confidence has increased and they feel more confident spending money on new cars, housing and other consumer products,” said John Bowblis, an economics professor at Miami University’s Farmer School of Business. “And this has made business confidence increase as well, leading them to invest in their businesses and to hire workers to meet the demands of consumers.”